March 2, 2000
The Honorable Michael G. Oxley Dear Mr. Chairman: Due to the conflicting Oversight and Investigations Subcommittee hearing on public access to the national practitioner data bank, I was unable to attend the Finance Subcommittee hearing on the securities industry’s progress on conversion to decimal trading. I understand that you held the record open for inclusion of Members’ statements. I respectfully request that, in lieu of a statement, the enclosed follow-up letters to the Nasdaq Stock Market and to the nation’s options exchanges, as well as the responses thereto, be included in the hearing record. Mike, I want to commend you for holding this hearing and for asking GAO to monitor and report on the decimal-transition challenges facing the SEC and the industry and their progress in addressing these matters. Then Finance Ranking Member Manton and I raised a number of concerns in 1997 that some proponents of decimal legislation labeled as "red herrings" and tried to block our efforts to get answers and information out of the SEC. GAO’s May 1998 and March 2000 testimony vindicate our concerns. In that regard, I commend your diligence and trust that it remains tempered by patience so that this important pro-investor effort is guided by the all-important principle that we first do no harm. Sincerely, JOHN D. DINGELL Enclosures cc: The Honorable Edolphus Towns
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